The Federal Reserve: Benefit or Burden

One of the more, if not most morally grey area of America's economy is the Federal Reserve. The word "federal" is misleading to its actual allegiance. The Federal Reserve is actually the by product of a group of banks whose chairmen came together on Jekyll Island and decided to make a national bank. The Fed has merits, however the costs far outweigh the benefits. The Fed is obviously unconstitutional and invasive in American politics. It is also anti-capitalism, due to the fact that finances are being controlled by a "government-affiliated" institute. The largest con of the Fed is the fact that it has grown in power so much so that private interest groups and lobbies (who make up the fed) have extended influence over our own government. This leads to a large amount of corruption in our government where our politicians are now puppets, and private interest groups the puppeteers. On paper, the Fed seems like an admirable idea however in practice it is obviously not a government bank, but a corrupt, unconstitutional mess. The harsh reality of the situation is that if we want to prosper as a country, economy and people, we must either scrap the Fed entirely or dismantle it and start from scratch.

How the Economy Works Blog

The economy as we know it is in constant fluctuation, so much so that it has become increasingly difficult to predict where our economy is heading in the future. The reason for this is complex, but at its base, it is quite simple. The future is uncertain, we cannot know where we will be in 5, 10, 15 years, all we can do is go with out gut feeling and hope that the future aligns with our instincts (pg. 2 Ip). The state of the economy can be in one of two states. The first is a bull market. A bull market economy occurs when share prices begin to rise, encouraging people to buy more. The second is a bear market. A bear market is the opposite of the bull where prices fall, encouraging more selling. Both of these economic states are constantly contending until a perfect "equilibrium" is found. Throughout history, the economic patterns of the bull and bear market differ. The bear is often used when the country faces a economic disaster such as the Wall Street Crash of 1929 which led to the Great Depression. The bull is used during a relief period of economic recovery from a disaster. These markets only occur during depressions which as results of recessions. Recessions are a short period of economic strife. A depression on the other hand is a prolonged time of economic disaster.

The Underground Economy

The "Underground Economy" is a term used for the system where workers who can't find a full-time or regular job are paid under the table. The services they are getting paid for are not always illegal however. Anecdotal evidence shows that the system applies to personal and domestic workers such as housekeepers and nannies. This system is a double edged sword however, it can be beneficial while at the same time it can be problematic. On the beneficial side is the fact that there is a surge in consumer spending, consequently boosting the economy. This system also gives those who have a hard time finding a job in the current economy a chance to work, maybe not for much, but at least for something. On the negative side however, workers who are paid under the table are not taxed. According to the International Revenue Service, over $500 billion in taxes were lost due to unreported wages. There is also the strong likelihood that workers who are forced to work in these conditions will be exploited by businesses.

Should Police Officers be Allowed to Search Phones without a Warrant

A topic of debate today is whether or not police officers should be allowed to search phones without a warrant. This would certainly qualify as a invasion of privacy, however it also has the potential of saving lives. I personally believe that it is an invasion of privacy and therefore in order for a police officer to search someone's phone they will need a warrant. While it is true that phones may contain information that could potentially hurt people, many people who text such things or look up related things on the internet are usually in a state of anger that would pass. Police officers should not search someone's personal phone just because the phone's owner may have been in a dark place at one time. At the very least, the officer should have a warrant.